CBOT Reports 77% Jump in Net Income

CHICAGO - Nov 11/04 - SNS -- The Chicago Board of Trade (CBOT) reported a net income of U.S. $12.2 million in the third quarter ending September 30, up from $6.9 million in the same period of 2003.

Net income in the first nine months of 2004 also increased, rising 42% to $44.7 million from $31.6 million during the same period in 2003. Revenues during the first three quarters rose 5% from the same period in 2003.

Average daily trading volume in the third quarter of this year was up 18% to 2,366,716 contracts from 2,007,363 contracts in the same period of 2003. For the nine months ended September 30, 2004, average daily volume expanded 31% to 2,362,710 contracts from 1,804,552 contracts during the first nine months of 2003.

In October 2004, the CBOT Board of Directors unanimously approved the return of an assessment in the aggregate amount of $9.3 million that it levied on the CBOT's membership in January 2004. The purpose of the assessment was to provide the exchange with adequate funds to meet increased financial demands associated with anticipated competitive challenges.

At this time, the Board of Directors has determined that the exchange no longer needs the assessed monies and will be returning such amounts to the individuals whom were originally billed. The assessment's return will be recorded in the fourth quarter of 2004.